Guotou Securities·2024-09-02 23:30Investment Rating - The investment rating for BYD is "Buy - A" with a 6-month target price of 274 CNY per share, maintaining the rating [3][7]. Core Views - BYD's August sales reached a record high, with a total of 371,000 passenger vehicles sold, representing a year-on-year increase of 35% and a month-on-month increase of 9%. Electric vehicles (EVs) accounted for 148,000 units sold, up 2% year-on-year and 14% month-on-month, while the DM series saw sales of 222,000 units, up 73% year-on-year and 5% month-on-month [1]. - The company is expected to continue benefiting from the DM5.0 model, which is driving growth in sales. The sales figures for the Dynasty and Ocean series in August were 178,000 and 175,000 units, respectively, with significant year-on-year and month-on-month growth [1]. - The high-end product line is also showing strong performance, with the sales of the Fangcheng Leopard model increasing by 165% month-on-month. The Tengshi and Yangwang brands sold 10,000 and 310 units, respectively, with new models expected to enhance sales further [1][2]. - BYD's export sales in August reached 30,000 units, a year-on-year increase of 22% and a month-on-month increase of 1%. The company is expanding its international presence with new model launches in various countries [1][2]. Summary by Sections Sales Performance - In August, BYD sold 371,000 passenger vehicles, with EVs at 148,000 units and DM models at 222,000 units. Exports were 30,000 units [1]. - The sales of the Qin series were 70,000 units, the Sea Leopard series 55,000 units, and the Song series 77,000 units, showing strong growth across the board [1]. High-End Product Development - The Fangcheng Leopard model sold 4,876 units in August, with a significant month-on-month increase. The Tengshi Z9GT model launch is expected to boost sales further [1][2]. International Expansion - BYD's export strategy is progressing, with a target of 400,000 to 500,000 units for the year. The company is launching models in new markets and increasing local production capacity [2].